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Seed Coating Materials Industry Trends, Global Market Growth, Opportunities 2024
Global Seed Coating Materials Industry, Market Growth
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According to The Business Research Company's, The seed coating materials market size has grown rapidly in recent years. It will grow from $2.19 billion in 2023 to $2.42 billion in 2024 at a compound annual growth rate (CAGR) of 10.5%. The growth in the historic period can be attributed to increasing focus on biodegradable seed coatings, increasing demand for plant-based food items, and increasing mergers and acquisitions.
The seed coating materials market size is expected to see rapid growth in the next few years. It will grow to $3.57 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to increasing population growth, increasing implementation of sustainable agricultural practices, and rapid growth of agriculture sector. Major trends in the forecast period include companies should consider developing better and efficient coating polymers to improve their product portfolio, focus on organic coating materials, developing innovations in seed coating materials, research and development of biodegradable, focus on micro plastic-free seed coatings, and launching innovative products to strengthen their position in the market.
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Market Drivers and Trends:
Increasing demand for plant-based food items will drive the growth of the seed coating materials market during the historic period. Plant-based foods include not only fruits and vegetables, but also nuts, seeds, oils, whole grains, legumes, and beans. The increase in the number of people consuming plant-based foods has created the demand for agricultural products, therefore effective seed coating materials are employed to control pests, increase crop yield, control plant growth, and enhance the quality of agricultural output. For instance, according to data from a US-based provider of data and insights for the natural, organic and specialty products industry, SPINS, the US Plant-Based Foods Association, and the Good Food Institute, a US-based nonprofit organization, plant-based food sales increased to $7.4 billion in 2021, an increase of 6% from 2020. Therefore, the increasing demand for plant-based food items propels the growth of the seed coating materials market.
Technological advancement is a key trend gaining popularity in seed coating materials. Seed coating materials companies are focusing on developing better and more efficient coating materials for seed performance. For instance, in December 2021, the Germany-based chemicals company BASF launched a next-generation seed coating polymer, Flo Rite Pro 2805 for seed treatment, which uses advanced polymer-based technology. The new material is designed to improve the adhesion and retention of active ingredients and would offer soybean, dry bean, and pea growers' better adhesion properties with high seed flow for optimizing plant populations for yields.
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Major Key Players of the Market:
IBM Corporation, Oracle Corporation, SAP SE, Coupa Software Incorporated, Ivalua Inc, Zycus Inc, GEP Worldwide, Epicor Software Corporation, Basware Corporation, Vroozi Inc, ET2C International, Alibaba, RT-MART International Ltd., e-mart, Hi-Living, Gmarket, Tencent Holdings Ltd, Supreme Group, Produze, Infiniti Research, Proactis, Accentur*e, Xella, SQLI, Sophie Candau Communication, GEODIS, PwC, ComInk, Jumia, KPMG, Dragon Sourcing, Nixu, 4iG Plc., EDS International, Blue Yonder, Protiviti, Honeywell International Inc., Cloudq, Bain & Company, Veriforce Solutions, Kroger, Theodor Wille Intertrade, Boston Consulting, Ribbons Fit Group Inc, Cayena, FLOKI Techologies, Linkana, Coletar, Rampco International Technical Services, Dukkantek, Conektr, Elkaso, Lawazem, EPCM Holdings
Seed Coating Materials Market 2024 Key Insights:
• The seed coating materials market size is expected to see rapid growth in the next few years. It will grow to $3.57 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%.
• Plant-Based Food Surge Fuels Expansion In Seed Coating Materials Market
• Tech Advancements Revolutionize Seed Coating Materials Development
• North America was the largest region in the seed coating materials market in 2023
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